Burnpur Cement Explains Exchange Fine, Seeks Penalty Waiver
Burnpur Cement Limited has provided a detailed explanation to the stock exchanges regarding a fine levied under SEBI (LODR) Regulations for non-compliance related to reclassification applications. The Board of Directors, in their meeting on November 11, 2026, reviewed the matter and concluded that the company's understanding of Regulation 31A required a Board Resolution before submitting an application. Consequently, no application was filed as approval was not granted. The company asserts the delay was neither deliberate nor wilful. Following SEBI's clarification, an application was submitted, and a waiver of the penalty has been sought, citing bona fide conduct. A personal hearing was held on October 28, 2026, and a decision on the waiver is pending.
Key Highlights
- Company explains non-compliance with SEBI LODR Regulations regarding reclassification.
- Board believed resolution approval was necessary before application submission.
- Delay was not wilful; application submitted after SEBI clarification.
- Company seeks waiver of penalty citing bona fide conduct.
- Decision on waiver application is currently awaited.
Price Impact
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